Triangulating: September Crude Oil

September Crude Oil

     The oil contract has not of yet broken out of what I am labeling a (iv) wave triangle formation. The trigger points on the upside are the 49.83 potential (d) wave high. A violation here should bring in a wave of upside action targeting intermediate resistance zone of roughly 51. Overhead surge level comes in at +/- 52.50. On the downside a slip below 49.25 will likely crack to test what I am currently labeling a (c) wave triangle low at 48.54 with intermediate support at +/- 48.66. A violation of 48.54 nullifies the structure I am favoring. Expect an unraveling to extend to roughly 47.90.